innogy welcomes final CMA clearance for new British retail energy company
No competition concerns on planned merger of npower andSSE’s British retail business
innogy SE welcomes today’s final clearance by the UK Competition & Markets Authority (CMA) for the creation of a new, independent British energy supply and services company, through the anticipated merger of innogy’s subsidiary npower with SSE’s household energy and energy services business.
Preparations for the new British retail energy company are progressing and the parties have achieved important milestones in recent months: the transaction has been approved by SSE stakeholders and the designated CEO (Katie Bickerstaffe), designated CFO (Gordon Boyd) and designated Chairman(Dr Martin Read) are all now in place. The designated Executive Committee has also now been appointed and preparations for the new company continue, subject to necessary legal restrictions.
We will continue to work to complete everything required to create the new company. Today’s final CMA clearance is a further step in setting up this new company which will combine the best of what both retail businesses have to offer, and build a better company for customers.